PPCCF (PICC Property and Casualty Co) Beneish M-Score: -2.56 (As of Jun. 24, 2026)


PPCCF PICC Property and Casualty Co Ltd PPCCF
82 GF Score
Price $1.96
GF Value $1.77
! 1 Warning Sign
View Full Analysis

What is PICC Property and Casualty Co Beneish M-Score?

PICC Property and Casualty Co PPCCF 82 Beneish M-Score is -2.56 as of Jun. 24, 2026. GuruFocus rates PPCCF with a GF Score™ of 82/100 and a GF Value™ of $1.77. The stock has 1 warning sign investors should review. Among 399 Insurance companies, PICC Property and Casualty Co ranks better than 56.89% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PICC Property and Casualty Co's Beneish M-Score or its related term are showing as below:

PPCCF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.3   Max: -2.22
Current: -2.56

During the past 13 years, the highest Beneish M-Score of PICC Property and Casualty Co was -2.22. The lowest was -3.39. And the median was -2.30.

PPCCF
82GF Score
PICC Property and Casualty Co Ltd PPCCF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PICC Property and Casualty Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PICC Property and Casualty Co for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6503+0.528 * 1+0.404 * 1.0041+0.892 * 1.0989+0.115 * 0.9851
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8679+4.679 * -0.003279-0.327 * 0.5494
=-2.56

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $1,204 Mil.
Revenue was $72,665 Mil.
Gross Profit was $72,665 Mil.
Total Current Assets was $0 Mil.
Total Assets was $122,174 Mil.
Property, Plant and Equipment(Net PPE) was $4,205 Mil.
Depreciation, Depletion and Amortization(DDA) was $545 Mil.
Selling, General, & Admin. Expense(SGA) was $2,422 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,874 Mil.
Net Income was $5,732 Mil.
Gross Profit was $20 Mil.
Cash Flow from Operations was $6,112 Mil.
 Total Receivables was $1,685 Mil.
Revenue was $66,125 Mil.
Gross Profit was $66,125 Mil.
Total Current Assets was $0 Mil.
Total Assets was $106,891 Mil.
Property, Plant and Equipment(Net PPE) was $4,096 Mil.
Depreciation, Depletion and Amortization(DDA) was $522 Mil.
Selling, General, & Admin. Expense(SGA) was $2,539 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,985 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1203.856 / 72664.698) / (1684.591 / 66125.235)
=0.016567 / 0.025476
=0.6503

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(66125.235 / 66125.235) / (72664.698 / 72664.698)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 4205.333) / 122174.296) / (1 - (0 + 4096.447) / 106891.37)
=0.965579 / 0.961677
=1.0041

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=72664.698 / 66125.235
=1.0989

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(522.065 / (522.065 + 4096.447)) / (545.065 / (545.065 + 4205.333))
=0.113037 / 0.114741
=0.9851

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(2421.769 / 72664.698) / (2539.179 / 66125.235)
=0.033328 / 0.0384
=0.8679

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1874.432 + 0) / 122174.296) / ((2985.153 + 0) / 106891.37)
=0.015342 / 0.027927
=0.5494

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(5731.77 - 20.445 - 6111.995) / 122174.296
=-0.003279

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PICC Property and Casualty Co has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.56 mean?
PICC Property and Casualty Co (PPCCF) has a Beneish M-Score of -2.56 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PICC Property and Casualty Co and its competitors. According to the industry distribution chart, PICC Property and Casualty Co ranks #172 out of 399 companies in the Insurance industry, placing it in the top 43.1%.
Is PICC Property and Casualty Co's Beneish M-Score too high?
PICC Property and Casualty Co's current Beneish M-Score is -2.56. Based on the distribution chart, PICC Property and Casualty Co ranks #172 out of 399 companies in the Insurance industry, which is above the industry midpoint. Overall, PICC Property and Casualty Co has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.
How does PICC Property and Casualty Co's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, PICC Property and Casualty Co ranks #172 out of 399 companies for Beneish M-Score. This puts PICC Property and Casualty Co in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PICC Property and Casualty Co and its competitors. PICC Property and Casualty Co's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PICC Property and Casualty Co stock overvalued right now?
PICC Property and Casualty Co (PPCCF) has a current Beneish M-Score of -2.56. The stock's GF Value™ is $1.77, compared to a current price of $1.96 — trading 10.7% above its estimated fair value. The current Beneish M-Score is -2.56. PICC Property and Casualty Co's overall GF Score™ is 82/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PICC Property and Casualty Co (PPCCF), the current Beneish M-Score is -2.56 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PICC Property and Casualty Co (PPCCF) Overvalued in 2026?

Based on GuruFocus' analysis, PICC Property and Casualty Co stock appears to be overvalued. The current stock price of $1.96 is trading 10.7% above its estimated GF Value™ of $1.77.

Key valuation signals for PPCCF:

  • Beneish M-Score: -2.56
  • GF Value™: $1.77 vs. price of $1.96 (10.7% above fair value)
  • GF Score™: 82/100 with 1 warning sign

No single metric tells the full story. See the PPCCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PICC Property and Casualty Co Business Description

Address Tower 2, No. 2 Jianguomenwai Avenue, Chaoyang District, Beijing, CHN, 100022
PICC P&C is headquartered in Beijing. The company is China's largest nonlife insurer, commanding nearly 33% domestic market share. Founded by the People's Bank of China in 1949, PICC P&C operates as the flagship subsidiary of PICC Group—a state-owned insurance holding company that retains a 69% equity stake. The company underwrites a comprehensive suite of nonlife insurance products spanning auto, commercial property, liability, credit and surety, accident and health, energy and aerospace, and agricultural lines.
82GF Score

Get the complete analysis for PPCCF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$1.96
Price
$1.77
GF Value